Bank Of India Home Loans
Bank Of India Home Loans system is quite varied. There are various types of Loans that are provided by the Bank of India. Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks.
* Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/repair/alteration/addition to house/flat, furnishing of house, Takeover of customer's housing loan extended by other Banks/F.Is /NBFCs at highly flexible and liberal terms and conditions.
* Under the Bank Of India Home Loans services the maximum loan amount is ` 300 lacs and repayment ranges up to 20 years, with a very reasonable margin and nominal processing charges. No commitment /administrative charges.
* The Home Loans are provided at very Competitive Rates Of Interest, currently available in the industry.
* In the Bank Of India Home Loans system there are options for different EMI amounts for different periods during tenure of loan to suit the customers' repayment capacities.
* Prepayment of Loan permitted
* Option for Floating as well as Fixed Rate of Interest.
* Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
* Home Loans are given to NRIs as well as Persons of Indian Origin.
* Simplified application form/procedures for convenience of customers, and speedy approvals.
* Free Personal Accident Insurance Cover
* Life Insurance Cover to borrowers for Loan Protection(optional)
The Bank's corporate personality and philosophy are fully reflected in the emblem, which is a five-pronged Star -- a harmonious blend of traditional and the functional. The elongated prong pointing upwards, conveys the Bank's drive to achieve ascending goals. The Star is a beacon and guide to those in need of direction. Recommendation and Suggestions
1) To increase their customers, the Bank of India should provide specialized services in this sector. These services can be such as proper guidance to the customer regarding the processing of loans, especially for the customers who are illiterate. 2) To satisfy their customers and for good dealings in future, the Bank of India should make prompt disbursement of loan amount to the customers so that they can buy or construct their dream home as early as possible. 3) The Bank of India should use easy procedure, or say, less lengthy procedure for the sanctioning of loan to the customer. There should be less number of legal formalities, incase this exists, then, these should be completed in less time. This will be helpful in attracting more customers. 4) Although the interest rates on specific norms, yet customers seek less interest rate which can lower their cost of house. So banks should try to lower their interest rates. Needles to say, that the bank which is having lower interest rates, have the maximum clients for loans. 5) Bank of India provide loan according to the repaying capacity of the customer and his/her eligibility. Due to which, some customers are not able to get amount of loan needed by them. So, the Bank of India should soften their norms regarding the loan amount. 6) Create awareness: The Company has to take care of awareness creation about the products and services among the customers. 7) Charges: The Company has to reduce the mortality and administration charges. 8) The company has to reduce their interest rates on home loan products and services. 9) The company has to identify the potential customers.
10) Company should consider the present competition and should act according to the customer needs.
| Floating Interest rate
| Processing Fee
| Prepayment Charges
State Bank Of India
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